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Euro/USD Declined for the Third Day –Daily Recap May 2

The Euro/USD continued to its downward trend as it declined for the third consecutive day. The GB Pound also slipped yesterday. Following the sharp fall of the Aussie dollar on May 1st after the RBA rate reduction, the Australian dollar remained flat against the U.S dollar yesterday. The safe haven currencies CHF and Yen also depreciated against the U.S dollar. Gold and silver prices slipped again on Wednesday; finally, crude oil price (WTI) declined yesterday.

Here is a summary of the development of major currencies for May 2nd:

Forex Market:

The Euros to US Dollar declined again by 0.58% to 1.3158; during the week, the EUROS/USD decreased by 0.7%. Australian Dollar to US Dollar remained flat at 1.0334.

The U.S dollar to Canadian dollar slightly rose to 0.986. During the week so far the USD/CAD exchange rate increased by 0.6%.

The GBP to USD also slipped by 0.13% to 1.62; from the beginning of the week the GBP to USD decreased by 0.4%.